From January 1st 2002, tax relief for home mortgage interest will no longer be given through the tax system but will be granted at source instead.

This means that the tax relief element on the mortgage interest will be built into your monthly mortgage payment.

The Revenue Commissioners is currently writing to some 450,000 home owners availing of the relief to prepare for the transition to tax relief at source (TRS). Although the new TRS system will not begin until January, mortgage lenders will make the TRS 1 forms available for new mortgages taken out from now onwards.